2023-08-31-accounts - Cokethorpe Educational Trust Limited

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Governors
					J P Bennett (Chairman)
					AJ Bark (Retired	28 March 2023)
					CJ Easmon
					The Rt Rev C Fletcher
					R Gunn (retired 28		March 2023)
					WE Hart
					WWLau
					J Norris
					A Nott (Appointed	6September 2023)
					PA Tolley
					K Walton
					M Wannell (Appointed 29 November 2022)
Secretary					H J Stapleton
Officers (Key management				personnel)	DJ Ettinger		Headmaster
					J C Stevens		Deputy Headmaster
					A E Uglow		Director ofStudies
					H J Stapleton		Bursar
					N A Black		Head of Prep School
					GJSheer		Director ofCo-Curricular
					N Wynne		Director of Development
Registered	Office				Cokethorpe School
					Witney
					Oxon OX29 7PU
Company	Registration		Number		00767293
Charity Registration		Number			309650
Auditor					Wenn Townsend
					30St Giles
					Oxford OX1 3LE
Bankers					National Westminster Bank pic
					21-23 High Street
					Witney
					Oxon OX28 6HW
Solicitors					Veale Wasbrough	Vizards
					Orchard Court
					Orchard Lane
					Bristol
					BS15WS

		Pages
Governors' annual report		1-13
Independent auditor's	report	14-15
Statement offinancial	activities
Balance sheet		17
Cash flow statement		18
Notes to the financial	statements	19-31


The following	Governors	held office during the year	ommittee Res o sibi
J P Bennett (Chairman)			Finance and Estates/Education/Nominations
AJBark (retired 28 March 2023)			Finance and Estates/Nominations
CJ Easmon			Education
The Rt Rev C Fletcher (Vice Chairman)			Education/Nominations
R Gunn (retired 28 March		2023)	Education/Nominations
W E Hart			Finance and Estates
WWLau			Education
J Norris			Finance and Estates/Nominations
P A Tolley			Finance and Estates
KWalton			Finance and Estates/Education
M Wannell			Finance and Estates/Nominations

					Unrestricted	Restricted	2023	2022
					Funds	Funds	Total	Total
					6			6
				Note
Income and endowments		from:
Income from charitable		activities
Fees					12,960,322		12,960,322	12,415,833
Other income					146,128	68,123	214,251	149,270
Interest receivable					30,391		30,391	582
Total income					13,136,841	68,123	13,204,964	12,565,685
Expenditure on:
Raising funds:
Financing costs					69,108		69,108	54,951
Fundraising costs					84,554	1,225	85,779	91,651
Total costs ofraising	funds				153,662	1,225	154,887	146,602
Charitable expenditure
Teaching					6,875,770		6,875,770	6,543,714
Support and governance					1,642,672		1,642,672	1,598,973
Welfare					919,978		919,978	813,181
Premises					1,627,013	695	1,627,708	1,327,892
Bursaries and scholarships			awarded		1,447,544	14,326	1,461,870	1,582,737
Total costs ofcharitable		expenditure			12,512,977	15,021	12,527,998	11,866,497
Total expenditure					12,666,639	16,246	12,682,885	12,013,099
Net income					470,202	51,877	522,079	552,586
Transfers between funds				14
Net movement in funds					470,202	51,877	522,079	552,586
Reconciliation offunds
Fund balances brought	forward
at 1 September 2022					7,915,929	148,629	8,064,558	7,511,972
Net movement in funds					470,202	51,877	522,079	552,586
Fund balances carried forward			at
31 August 2023				14/15	8,386,131	200,506	8,586,637	8,064,558

				Coketh	orpe Educational Trust	orpe Educational Trust	Limited
					Balance Sheet
					31 August 2023
							2023		2022
							E		E
					Note
Fixed assets
Tangible	assets						9,445,291		9,322,116
Current assets
Stock					8	1,318		2,199
Debtors					9	449,461		347,126
Cash at bank		and		in hand		3,266,149		3,066,297
						3,716,928		3,415,622
Creditors: Amounts			falling due
	within			one year	10	(2,390,843)		(2,330,818)
Net current assets							1,326,085		1,084,804
Total assets	less current liabilities						10,771,376		10,406,920
Creditors: Amounts			falling due
	after		one year				(2,184,739)		(2,342,362)
Net assets							8,586,637		8,064,558
Funds
Restricted					14/15		200,506		148,629
Unrestricted	-	general			14/15		1,657,048		1,150,112
		designated			14/15		6,729,083		6,765,817
Total funds							8,586,637		8,064,558

							2023		2022
							6		6
Reconciliation ofnet income			to net cash flow
from operating activities:
Net income for year						522,079		552,586
Depreciation						423,525		407,490
Interest receivable						(30,391)		(582)
Interest payable						65,909		54,736
Profit on disposal offixed assets								(3,000)
Stocks movement						881		(17)
Debtors movement						(102,335)		(63)
Creditors movement Fees in advance movement						221,051 (139,425)		(11,962) 110,399
Net cash provided	by operating			activities			961,294		1,109,587
Net cash flow from	investing		activities:
Payments to acquire Receipts from sales	tangible fixed assets oftangible fixed assets					(546,700)		(1,379,699) 3,000
Interest received						30,391		582
							(516,309)		(1,376,117)
Net cash flow from	financing		activities:
Receipts from issue	ofnew long term loans							1,456,752
Repayment of loans						(179,224)		(62,585)
Interest paid						(65,909)		(54,736)
							(245,133)		1,339,431
Increase in cash							199,852		1,072,901
Net decrease in cash and cash				equivalents			199,852		1,072,901
Cash and cash equivalents		at 1 September			2022		3,066,297		1,993,396
Cash and cash equivalents		at 31 August 2023					3,266,149		3,066,297

				2023f	2022
Administrative	staff costs			877,440	835,794
Computer maintenance				153,145	161,326
Postage, stationery, telephone		and other administrative	costs	51,329	36,780
Advertising for staff and promotion				156,754	176,597
Insurances				92,986	90,219
Travel				215,159	223,839
Depreciation	ofvehicles			26,935	26,516
Governance	costs (see note 4)			68,924	47,902
				1,642,672	1,598,973

Governance costs	Governance costs	Governance costs
						2023	2022
							8
Auditor's	remuneration			-	audit fees	9,930	9,938
					other services	500	500
Legal and		professional	fees			55,780	36,177
Governors'		expenses				2,714	1,287
						68,924	47,902

						2023f		2022f
Staff costs
Wages and salaries						6,866,872		6,230,615
Social security costs						694,681		666,297
Pensions						1,048,129		1,062,600
						8,609,682		7,959,512
					2023	2023	2022	2022
					FTE	Number	FTE	Number
Average number employed		including		Governors	164	223	160	218
Number ofemployees	earning		within	the following	bands:
						2023		2022
6 60,001-6 70,000 6 70,001-6 80,000 8 80,001-6 90,000
6 90,001 - 2100,000
6110,001 - 6120,000
6150,001 - 6160,000

Tangible fixed assets
	Assets under	Freehold	Furniture and	Motor
	construction	Propertyf	equipment	vehicles	Total
1 September 2022	355,126	12,340,469	2,207,241	685,287	15,588,123
Additions	219,103		325,497	2,100	546,700
Transfer	(307,213)	96,567	210,646
Disposals			(296,025)		(296,025)
31 August 2023	267,016	12,437,036	2,447,359	687,387	15,838,798
Depreciation
1 September 2022		3,731,794	1,907,614	626,599	6,266,007
Charge for year		254,112	142,478	26,935	423,525
On disposals			(296,025)		(296,025)
31 August 2023		3,985,906	1,754,067	653,534	6,393,507
Net book value
31 August 2023	267,016	8,451,130	693,292	33,853	9,445,291
31August 2022	355,126	8,608,675	299,627	58,688	9,322,116

8.	Stocks
			2023	2022
				6
	Stock - food		1,318	2,199
9.	Debtors
			2023	2022f
	Trade debtors		297,302	213,420
	Other debtors		40,499	8,021
	Prepayments	and accrued income	111,660	125,685
			449,461	347,126

Creditor	s: amo	unts falling due within one year
			2023	2022
			K	6
Bank loans (note 13)			250,340	250,340
Trade creditors			215,236	225,685
Other taxation		and social security	172,622	162,257
Other creditors			185,223
Accruals			192,985	230,527
Finance	lease	(note 16)	35,405
Autumn	fees in	advance	1,146,799	1,300,782
Deferred	fee income (note 12)		192,233	161,227
			2,390,843	2,330,818

Creditor	s: amounts	falling due after one year
			2023 6	2022f
Bank loans (note 13)			1,617,042	1,796,266
Finance	lease (note	16)	38,623
Parents'	refundable	deposits	303,486	304,060
Deferred	fee income	(note 12)	225,588	242,036
			2,184,739	2,342,362
Deferred	income
			2023	2022
				E
Balance	at 1 August	2022	403,263	669,830
Fees in advance receipts			251,205	49,779
Released to incoming		resources	(236,647)	(316,346)
Balance	at 31 August	2023	417,821	403,263
Included	in current liabilities		192,233	161,227
Included	in creditors	due after more than one year	225,588	242,036

Bank loans
The aggregate	amount ofbank loans are as follows:
		2023	2022
			6
Due within one year or less, or on demand		250,340	250,340
Due between	one and two years	250,340	250,340
Due between	two and five years	751,020	751,020
Due after five	years	615,682	794,906
Total due		1,867,382	2,046,606
Included in current liabilities		250,340	250,340
Included in creditors due after more than one year		1,617,042	1,796,266

2023			At 01/09/2022	Incoming resources	Outgoing resources	Fund transfer	At 31/08/2023
				6			8
Restricted funds:
Academic achievement School equipment		awards	33,588	1,496	(300)		34,783
(including land)			115,041	66,627	(15,946)		165,723
Total restricted funds			148,629	68,123	(16,246)		200,506
Unrestricted funds:
General funds Designated fund			1,150,112 6,765,817	13,136,841	(12,666,639)	36,731 (36,731)	1,657,048 6,729,083
Total unrestricted	funds		7,915,929	13,136,841	(12,666,639)		8,386,131
Total funds			8,064,558	13,204,964	(12,682,885)		8,586,637

Movement in fund	s	(co	ntinue	d)
						At	Incoming	Outgoing	Fund		At
2022					01/09/2021		resources	resources	transfer	31/08/2022
						8	8				8
Restricted funds:
Academic achievement			awards			35,576	1,686	(3,674)			33,588
School equipment
(including land)						78,359	37,295		(613)		115,041
Total restricted funds						113,935	38,981	(3,674)	(613)		148,629
Unrestricted funds:
General funds					1,291,067		12,526,704	(12,009,425)	(658,234)	1,150,112
Designated fund					6,106,970				658,847	6,765,817
Total unrestricted	funds				7,398,037		12,526,704	(12,009,425)	613	7,915,929
Total funds					7,511,972		12,565,685	(12,013,099)		8,064,558
Restricted funds comprise the following:
								2023 8		2022 f
Academic achievement			awards:
Cokethorpe Society		—Subscriptions			Fund			34,783			33,587
School equipment		(including		land):
Annual Fund							67,537		69,458
Ice Cream Machine							1,458		1,823
Development ofScience							10,000		10,000
Bursary fund							12,901		26,562
Radio studio							7,199		7,199
Sports fund							17,234
Equipment fund							49,394
								165,723		115,042
								200,506		148,629
Designated funds	comprise the following:
Mansion Stonework								145,335		145,335
Boathouse											58,414
Property								6,583,748		6,562,068
								6,729,083		6,765,817

Analysis of net	assets betwee	n funds
		Unrestricted		Designated	Restricted	Total
		Funds		funds	funds	funds
					E	6
Fund balances at	31 August 2023 are represented		by:
Tangible fixed assets		976,613		8,451,130	17,548	9,445,291
Cash at bank and	in hand	2,937,856		145,335	182,958	3,266,149
Other net current	liabilities	(1,689,724)		(250,340)		(1,940,064)
Long term liabilities		(567,697)		(1,617,042)		(2,184,739)
		1,657,048		6,729,083	200,506	8,586,637
Fund balances at	31 August 2022 are represented		by:
Tangible fixed assets		695,528		8,608,675	17,913	9,322,116
Cash at bank and	in hand	2,731,833		203,748	130,716	3,066,297
Other net current	liabilities	(1,731,153)		(250,340)		(1,981,493)
Long term liabilities		(546,096)		(1,796,266)		(2,342,362)
		1,150,112		6,765,817	148,629	8,064,558

Finance leases
The aggregate amount offinance leases are as follows:
	2023	2022
	6
Due within one year or less, or on demand	35,405
Due between one and two years	38,623
Total due	74,028
Included in current liabilities	35,405
Included in creditors due after more than one year	38,623

The total future minimum lease payments under	non-cancellable operating leases ar	e payable as fo
	2023	2022
	6	6
Equipment:
Within one year	134,291	136,442
Between one and five years	38,201	175,753
	172,492	312,195
	2023	2022
	6	6
Land and buildings:
Within one year	39,058	39,058
Between one and five years	48,444	84,374
Later than five years	53,188	56,316
	140,690	179,748

Statement offinancial activities —comparative	Statement offinancial activities —comparative	Statement offinancial activities —comparative	figures by fund-type
Year ended 31August 2022
			Unrestricted	Restricted	2022
			Funds	Funds 6	Totalf
Income and endowments	from:
Income from charitable	activities
Fees			12,415,833		12,415,833
Other income			110,289	38,981	149,270
Interest receivable			582		582
Total income			12,526,704	38,981	12,565,685
Expenditure on:
Raising funds:
Financing costs			54,951		54,951
Fundraising costs			91,651		91,651
Total costs ofraising funds			146,602		146,602
Charitable expenditure
Teaching			6,543,714		6,543,714
Support and governance			1,595,299	3,674	1,598,973
Welfare			813,181		813,181
Premises			1,327,892		1,327,892
Bursaries and scholarships		awarded	1,582,737		1,582,737
Total costs ofcharitable	expenditure		11,862,823	3,674	11,866,497
Total expenditure			12,009,425	3,674	12,013,099
Net income			517,279	35,307	552,586
Transfers between funds			613	(613)
Net movement in funds			517,892	34,694	552,586
Reconciliation offunds
Fund balances brought forward
at 1 September 2021			7,398,037	113,935	7,511,972
Net movement in funds			517,892	34,694	552,586
Fund balances carried forward		at
31 August 2022			7,915,929	148,629	8,064,558